Malloy to attend China economic forum

Updated 11:17 pm, Thursday, August 2, 2012

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Author and Greenwich resident Peter Kiernan warns of the growing influence of China on the U.S. economy in his new book, "Becoming China's Bitch -And Nine More Catastrophes We Must Avoid Right Now." "Having your number one supplier of export goods also be the number one holder of your debt is an unwise financial construct," he says. less

Author and Greenwich resident Peter Kiernan warns of the growing influence of China on the U.S. economy in his new book, "Becoming China's Bitch -And Nine More Catastrophes We Must Avoid Right Now." "Having ... more

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Former Goldman Sachs partner and Greenwich resident Peter Kiernan's first book, "Becoming China's Bitch -And Nine More Catastrophes We Must Avoid Right Now," earned him the International Book Award.

Former Goldman Sachs partner and Greenwich resident Peter Kiernan's first book, "Becoming China's Bitch -And Nine More Catastrophes We Must Avoid Right Now," earned him the International Book Award.

Photo: Contributed Photo

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Back in May of this year, traders on the floor of the New York Stock Exchange watched stock prices rise on optimism that China would reverse a slowdown in its economic growth, evidence that the United States economy and the economy of China have become codependent. But, codependencies don't last forever and eventually there are winners and losers says author Peter D. Kiernan. In his new book "Becoming China's Bitch," Kiernan notes that in 2010, China's foreign reserves soared to $2.3 trillion. Of that multi-trillion dollar position, nearly 2/3 was American securities, making China the second largest holders of such instruments after the United States." less

Back in May of this year, traders on the floor of the New York Stock Exchange watched stock prices rise on optimism that China would reverse a slowdown in its economic growth, evidence that the United States ... more

Photo: Richard Drew, Associated Press

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Greenwich resident and author Peter D. Kiernan writes about a growing Chinese influence on the U.S. economy and other looming problems in his new book "Becoming China's Bitch - and Nine More Catastrophes We Must Avooid Right Now." less

Greenwich resident and author Peter D. Kiernan writes about a growing Chinese influence on the U.S. economy and other looming problems in his new book "Becoming China's Bitch - and Nine More Catastrophes We ... more

The governor's participation in the summit, held in the northern city of Tianjin, was announced Thursday afternoon as Malloy met with a delegation of about 40 officials from Guangdong Province.

Accompanying Malloy will be Catherine Smith, commissioner of the state Department of Economic and Community Development. The trip, from Sept. 8 to Sept. 16, will cost about $20,000 and will be paid for by the state. He will also visit Beijing and Jinan, the capital city of Shandong province.

During his remarks to the Chinese delegation, Malloy, speaking through an interpreter, said it's past time for the two countries to move beyond cultural exchanges and into mutual business interests.

He noted that his administration will soon be introducing a long-term energy policy, including alternative-energy support.

"If there's one thing that's a given in the 21st Century economy, it's that China will be a leading player on the world stage," Malloy said in a statement later on Thursday. "I want to use this opportunity to do two things: convince Chinese companies that Connecticut is a great place to establish a presence in the United States, and let the Chinese know that Connecticut-based companies are ready and willing to do business with them too."

He said the state has allowed its relationships with China to "languish" for more than 20 years, when they should have been cultivated.

"We can't afford to do that any longer. I know this interaction will pay dividends for both Connecticut residents and the people of China in the foreseeable future," Malloy said.